Polygon’s $1 Push Halted as Wallet Moves 8.68M

Polygon (POL)

On Wednesday’s U.S. market session, the Polygon price recorded a 3.6% surge to currently trade at $0.726. Defying the Bitcoin price consolidation, the altcoin market witnessed a notable inflow as the second largest cryptocurrency, Ethereum, surged over 6%. However, the  altcoin faces the risk of a $0.6 breakdown as a foundation wallet transfers Million in POL to the FalconX trading platform.

According to Coingecko, the Polygon’s market cap stands at $6.06 Billion, while the 24-hour trading volume wavers at $880.7 Million.

  • Millions of POL tokens moved to the  FalconX trading platform could surge downward pressure on the asset.
  • The polygon price witnesses a steady uptrend consolidation within a rising wedge pattern.
  • The coin price trading above the 4-hour exponential moving average (20, 50, 100, and 200) accentuates the short-term trend in strongly bullish.

Polygon’s $6.19M Token Transfer Sparks Market Uncertainty

According to onchain tracker Spotonchain, a wallet associated with the Polygon Foundation, has deposited 8.68 million POL tokens (equivalent to $6.19 million) to FalconX, a prominent crypto trading platform. 

This wallet initially received the POL tokens—then valued at $3.2 million—from the Polygon Ecosystem Growth wallet on November 15. Since that time, the value of POL, formerly MATIC, has experienced a staggering 106% surge, reflecting heightened market interest in the token. 

Typically, such large transactions, especially when linked to the Foundation wallet, could create market uncertainty and downward pressure on Polygon price.

Polygon Price: Rising Channel Pattern Holds Key to $1 Target

Over the past -three weeks, the Polygon price witnessed a high-momentum rally from $0.35 to $0.72, projecting a 103% growth. A look at the 4-hour chart shows the recovery resonating actively within two ascending trendlines, indicating the formation of a rising channel pattern.

Theoretically, the pattern provides a stable uptrend within dynamic resistance and support until the price breaks out on either side. The POL price currently witnessed overhead supply at $7.5, signaling the potential for a 10% reversal to seek support at the bottom trendline.

Until the support trendline is intact, the coin price could prolong its prevailing uptrend.

Polygon Price
POL/USDT -1d Chart

On the contrary note, a breakdown below the bottom trendline could delay a $1 rally for Polygon price and may extend a correction below $0.6.

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Sahil Mahadik
Written by Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.